It was faster to sell houses in the last three months of the year than in the periods of July, August and September, according to new research from the Real Estate Institute of WA.
On average, it took 67 days to sell a property in the last quarter of the year, which was 16 days faster than the previous quarter.
It is the fastest sales period since December 2017.
Despite the improvement in the sales period, REIWA data shows that Perth’s average home price decreased slightly by 1.4% during the December quarter to $ 478,000.
This despite previous predictions by REIWA President Damien Collins that the market had bottomed out.
However, there were fewer sales in the period, in line with previous years that traditionally record a slowdown during the Christmas period.
There were a total of 7,418 properties sold in the December quarter, which was eight percent lower than the previous year. This comes from a total of 12,410 homes for sale in the three month period.
Collins was confident that the reduced sales period would result in higher prices.
“Not only did it take only 67 days on average to sell in the December quarter, but the discount sellers who accept the original sale price dropped to 6.8% from 7.5% in the September quarter.
“If this trend continues in 2020, we can expect average prices to begin to increase,” Collins said.
The data shows that 113 suburbs experienced a stable or increased average price in the December quarter.
“The suburb that registered the greatest improvement in the average price of housing was Stirling with an increase of seven percent. This was closely followed by Safety Bay, Spearwood, Floreat and Scarborough, ”said Collins.
“The median of the Perth unit was also slightly lower than $ 375,000, however, we have seen an improvement in the median of vacant land, which has increased 2.1 percent to $ 245,000 since the December quarter of 2018 “said Collins.
He said there was a reduced amount of stocks.
“The analysis of Reiwa.com shows that good and quality stocks are running out fairly quickly, which is shown both by improvements in average sales days and by discount sellers who are ultimately accepting this means that stocks are being absorbed at a faster rate. ” he said.
“While we do not expect to see rapid growth in the Perth real estate market in 2020, REIWA’s perspective suggests that sales volumes could begin to increase this year.” Since housing prices in Perth remain relatively affordable and consumer confidence levels on the slope, this could translate into increased activity throughout the year.